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Hedge Funds Are Dumping Euronet Worldwide, Inc. (EEFT)

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In the eyes of many of your peers, hedge funds are assumed to be useless, outdated financial vehicles of a period lost to current times. Although there are over 8,000 hedge funds with their doors open today, Insider Monkey looks at the bigwigs of this club, about 525 funds. Analysts calculate that this group has its hands on the lion’s share of the hedge fund industry’s total assets, and by monitoring their highest performing picks, we’ve spotted a few investment strategies that have historically outpaced Mr. Market. Our small-cap hedge fund strategy beat the S&P 500 index by 18 percentage points per year for a decade in our back tests, and since we’ve started sharing our picks with our subscribers at the end of August 2012, we have outperformed the S&P 500 index by 33 percentage points in 11 months (explore the details and some picks here).

Equally as useful, optimistic insider trading sentiment is a second way to analyze the financial markets. Obviously, there are lots of reasons for a bullish insider to cut shares of his or her company, but just one, very obvious reason why they would buy. Many academic studies have demonstrated the market-beating potential of this strategy if piggybackers understand where to look (learn more here).

Thus, let’s study the latest info surrounding Euronet Worldwide, Inc. (NASDAQ:EEFT).

Euronet Worldwide, Inc. (NASDAQ:EEFT)

How are hedge funds trading Euronet Worldwide, Inc. (NASDAQ:EEFT)?

At Q2’s end, a total of 13 of the hedge funds we track were bullish in this stock, a change of -13% from the previous quarter. With hedgies’ sentiment swirling, there exists a few notable hedge fund managers who were boosting their stakes considerably.

According to our 13F database, Jim Simons’s Renaissance Technologies had the biggest position in Euronet Worldwide, Inc. (NASDAQ:EEFT), worth close to $18.9 million, accounting for less than 0.1%% of its total 13F portfolio. On Renaissance Technologies’s heels is Columbus Circle Investors, managed by Donald Chiboucis, which held a $17.8 million position; 0.1% of its 13F portfolio is allocated to the company. Some other hedge funds that hold long positions include David Dreman’s Dreman Value Management, Ken Griffin’s Citadel Investment Group and D. E. Shaw’s D E Shaw.

Judging by the fact that Euronet Worldwide, Inc. (NASDAQ:EEFT) has faced dropping sentiment from the entirety of the hedge funds we track, it’s easy to see that there lies a certain “tier” of hedge funds that decided to sell off their entire stakes in Q1. It’s worth mentioning that Neil Chriss’s Hutchin Hill Capital dropped the biggest stake of the “upper crust” of funds we track, valued at about $1.1 million in stock, and Paul Tudor Jones of Tudor Investment Corp was right behind this move, as the fund sold off about $0.6 million worth. These transactions are intriguing to say the least, as total hedge fund interest was cut by 2 funds in Q1.

What do corporate executives and insiders think about Euronet Worldwide, Inc. (NASDAQ:EEFT)?

Bullish insider trading is at its handiest when the company in question has experienced transactions within the past 180 days. Over the last 180-day time frame, Euronet Worldwide, Inc. (NASDAQ:EEFT) has seen zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).

We’ll also review the relationship between both of these indicators in other stocks similar to Euronet Worldwide, Inc. (NASDAQ:EEFT). These stocks are Heartland Payment Systems, Inc. (NYSE:HPY), Cardtronics, Inc. (NASDAQ:CATM), SYNNEX Corporation (NYSE:SNX), Interval Leisure Group, Inc. (NASDAQ:IILG), and VistaPrint Limited (NASDAQ:VPRT). This group of stocks belong to the business services industry and their market caps match EEFT’s market cap.

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